On September 24, 2019, in an important step toward full
implementation of the Foreign Investment Risk Review Modernization
Act (FIRRMA),1 the Department of the Treasury
published proposed rules to implement FIRRMA's provisions
regarding certain foreign investments in real estate in the United
States.2 FIRRMA, which was enacted in
2018, provided the Committee on Foreign Investment in the United
States (CFIUS) with expanded jurisdiction to review foreign
investments in the United States and to recommend that the
President block or otherwise interfere with such investments.3
Prior to FIRRMA, CFIUS had jurisdiction to review foreign
investments in US real estate only in connection with foreign
acquisitions of control over a US business. FIRRMA expanded
CFIUS's jurisdiction to include certain transactions involving
the purchase or lease by, or a concession to, a foreign person of
certain real estate in the United States, even where there is
no accompanying investment in a
